Had my SL2 since December, it's been great!
As stated above, weird switching only affects the SL1.
When compared to a lot of much more expensive lights, it makes them look silly. It's as bright as many, brighter than a lot, and costs a lot less. As said above, only trumped by the DX light in terms of value now really, but of course the DX light wasn't available 11 months ago so I got the Airbike light. Compared to a Hope 4 it seemed to be a more usable light (to my eyes at least) and beats every HID I've seen hands down. A troutelight will monster it though I suspect, but you're looking at £250 for a light and battery combo there (which of course represents very good value still compared to a Lupine Betty!).
It is floodier than a lot of lights, but personally I prefer that. I run with a DX torch on my head to provide a bit more penetration when its needed. In fact, now they've brought the price down to £100, I'm tempted to get another one and run 2 of them on my bars, for when I need that bit extra light! 😉